The 16-country RCEP backed by Beijing is often seen as a rival to the Trans-Pacific Partnership.
The revenue department imposed the duty based on recommendations of the Directorate General of Trade Remedies (DGTR), according to a government notification.
"We are engaged with the US on this matter and we have shared our position with the US," an MEA official said.
"Thus the common refrain that rupee depreciation will lead to export increase and import decline stands challenged," it said.
The US and India are major bilateral trade partners. India is the 9th largest goods trade partner of the US, while the US is the 2nd largest goods trade partner of India.
India’s exports declined for the first time in the current fiscal, with shipments contracting 2.15% in September to $27.95 billion.
In last one year, edible oil prices have dipped up to 11 to 25 per cent in international market due to excess supply and reduced demand from India.
India's crude oil imports in September touched $10.91 billion, up 33.6 percent from a year ago, Indian government data showed on Monday.
The issue was discussed during the meeting of the UAE-India High Level Joint Task Force on Investments.
A Rs 4,500 crore plan is on the cards to upgrade India's land border infrastructure. The objectives are two-pronged: increase trade and improve ties with neighbours. Tune in as ET's Shantanu Nandan Sharma brings you a ground report from one of the busiest land ports, Petrapole at India-Bangladesh border. Watch now and read the full story in ET Magazine, this Sunday (October 14).
The objective of this coming plan has two parts — increase trade and improve ties with neighbour countries.
Galindo said El Salvador's international services law is the only legislation in the region that provides full exemption from income tax for an indefinite period of time.
The issues were discussed during the fifth meeting of the India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation here.
The duty hike is likely to yield Rs 4,000 cr to the govt. It will help contain rupee depreciation.
The ministry has sought extra outlay of Rs 1,500 crore under MEIS to fulfil the government’s commitment to double farmers’ income and promote exports of agricultural products.
China and India, two of the largest emerging markets, are both in the vital stage of deepening reforms and developing economy.